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PM: Fuel Prices Likely Stable Until 2025 if Oil Prices Settle

by Krystal

Prime Minister Mostafa Madbouly announced on Saturday that fuel prices will not rise until the end of 2025, as long as global oil prices stabilize at an average of $73 per barrel. He shared this information during a press conference marking the launch of infrastructure projects in Minya governorate.

Madbouly emphasized that fuel prices will remain steady for the next six months. This decision aims to ease the financial burden on citizens. He reaffirmed the government’s dedication to supporting low and middle-income families despite ongoing economic challenges.

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Additionally, the Prime Minister stated that the Minister of Petroleum will discuss the recent fuel price increases in a press conference scheduled for next Wednesday.

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On Friday, the Ministry of Petroleum and Mineral Resources announced its third fuel price hike of 2024, which took effect immediately. This change affects various grades of octane and diesel fuel. Notably, diesel prices increased from LE 11.5 to LE 13.5 per liter, reflecting a 17.3 percent rise.

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These price adjustments follow substantial increases this year, with diesel prices up 63 percent and octane prices more than 30 percent.

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The recent surge in global oil prices, driven by ongoing conflicts in the Middle East, tensions in the Red Sea, and the Russia-Ukraine war, has played a significant role in these developments. Brent crude oil prices peaked at over $80 per barrel in early October but fell to around $74 by mid-month.

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